The Business of Books: How International Conglomerates Took Over Publishing and Changedthe Way We Read

M. Schiffrin's book is a must-read for anyone who cares about ideas, literature, books, and the First Amendment. From a lifetime spent in the industry, Schiffrin explores the current trends in the publishing industry, where profits are rapidly becoming the only priority. In such a system, Schiffrin shows that not only do ideas and the profession diminish, but paradoxically, so do profits. Over and over, he shows how narrow views of profits actually undermine the profitably of a title, or even of the entire industry. As he describes these things, Schiffrin also gives a microcosmic view of the constant tension, ever present in free democracies: on the one hand, powerful corporations have generated much economic might (and therefore political and military might) to the West; and on the other hand, that power, left unbridled, now undermines the foundations of openness, that protect not only our civic freedoms, but the freedoms of the market as well.

I enjoyed the book very much. The story telling was enjoyable. As to the "whine", I work in a completly different industry that suffers from the money only direction of the country. It is sad that no one is allowed to be in any vocation in this country for its own sake. Even if you make money, you have to make the most money, good is not good enough, only best will do.

...At least from a writer's perspective, all of Schiffrin's assertions about the publishing industry are stunningly true. In fact, my agent quit the business some years ago after attending a lecture by a revoltingly wealthy and revoltingly arrogant agent who assured her and the rest of the audience that yes, money is indeed the bottom line.As Mr. Schiffrin points out, publishers are simply not interested in authors anymore, they are interested only in the book being submitted. That is to say, there is no attempt-as in the days of Max Perkins, the legendary Scribner's editor of F. Scott Fitzgerald, Hemingway, and Thomas Wolfe-to invest in an author whose first book may not be a great seller, nor even her second but who will nonetheless write books the house can be proud of and may some day turn produce that most marvelous of beasts, the literary bestseller (a la Gabriel Garcia Marquez, John Updike, Toni Morrison).In a smooth, flowing voice that, while it may lack bells and whistles, is exceptionally lucid, Schiffrin tells the story of how publishing houses went from being, for the most part, "family owned and small, content with the modest profits that came from a business that still saw itself as linked to intellectual and cultural life" to an industry in which some of the executives, such as Alberto Vitale at Random House, freely admit they are too busy to read a book! I was riveted almost from the opening page.Some of the reviewers have accused Schiffrin of being elitist-maybe because he lives on the Upper West Side or because he believes editors should have some say-beyond profitability--in what is being published. They find him distressingly left wing. The fact is, Schiffrin is arguing for all editors, EVERYwhere to get behind authors of their choice. Many small houses will present many diverse voices rather than 5 huge conglomerates chasing the same dollar with their celebrity memoirs and Tom Clancy thrillers. He argues for the freedom for editors and houses to express their tastes and to let the public decide whether that taste suits them or not. But if a book never sees the light of day because corporate executives, who often know nothing about books (Vitale, Schiffrin points out "did eventually agree to read the novels of Judith Krantz" published by his own company), decide it won't sell enough copies, then you have market censorship. When that happens on a large enough scale, it's not the end of democracy, but democracy is certainly weakened by a shrinking pool of ideas and opinions from which to draw. Schiffrin quotes the German publisher, Klaus Wagenbach: "If books with small print runs disappear, the future will die. Kafka's first book was published with a printing of 800 copies. Brecht's first work merited 600. What would have happened if someone had decided that was not worth it?" Somehow, advocating books with tiny print runs like this doesn't strike me as elitist. If you are even slightly connected to the book business, if you are

Mr. Schiffrin has used the benefit of 40 years of publishing experience to develop a powerful argument that society is being denied access to important new ideas through books. This is occurring because of changes in ownership (and management philosophies) in the publishing industry, and similar effects in book retailing. Along the way in telling this story, you will read many interesting stories about publishing now-famous authors like Gunnar Myrdal (later winner of the Novel Prize) and Studs Terkel. The former economic concept of a publisher was to earn an adequate income overall, and to operate as frugally as possible. Editors were paid like academics, and physical plant was modest. Profits above what was absolutely needed could be plowed back into books that presented important ideas, but might not earn their keep, and books that would require time to develop an audience. Books that challenged the conventional wisdom were often best sellers in this environment. That kind of public opinion shift seldom happens today through books.Mr. Schiffrin uses his own publishing experiences as a microcosm of these issues. Pantheon, which his father founded, was sold to Random House in 1961, and mr. Schiffrin joined to work in marketing. After Random House was bought by RCA, financial discipline was brought in to require that each book seek to earn a profit from its own activities in the near term. That began a process of trimming and redirecting lists. Later, Random House was sold again, this time to S.I. Newhouse. Plans were soon afoot to greatly reduce Pantheon, and the staff eventually resigned en masse to protest just as the ax started to fall. Mr. Schiffrin left, also, and began a search for funding to start a new publishing house, The New Press. He was able to launch this independent publisher with the help of several foundation grants and W.W. Norton being willing to distribute the books. Random House, meanwhile, did not grow its profits very much and was sold to Bertelsmann in 1998. During these intervening years, Newhouse actually lost lots of money seeking to improve profits in book publishing. Enormous losses occurred in unearned advances in seeking blockbusters. Overhead costs soared as salaries, marketing, and expense accounts were expanded enormously.By seeking ever higher near-term profits, publishers have established a market test for new books that makes it more attractive to publish an offshoot of a new Hollywood movie than a book challenging the political orthodoxy. Books like the former have swelled while the latter have dwindled. Many publishers and imprints now publish in very few categories, with limited types of books in those remaining categories. The industry has also become very concentrated. Ten publishers accounted for 75 percent of U.S. book sales in 1999. The publishing operations themselves are now small parts of large media conglomerates. Some of these publishin